Michigan SB1027 modifies the process for amending the bylaws of credit unions, requiring director approval unless the changes are logistical.

Michigan SB1027 amends the process for credit unions to modify their bylaws. It allows the membership to amend the certificate of organization or bylaws if approved by a majority of members present at a meeting. The amendment must be stated in a meeting notice. The amendment is not effective unless reviewed and approved by the director, except for logistical changes to the bylaws.

Michigan SB1027 modifies the process for amending the bylaws of credit unions, requiring director approval unless the changes are logistical.

Michigan SB1027 amends the process for credit unions to modify their bylaws. It allows the membership to amend the certificate of organization or bylaws if approved by a majority of members present at a meeting. The amendment must be stated in a meeting notice. The amendment is not effective unless reviewed and approved by the director, except for logistical changes to the bylaws.